Bitcoin analysts report that despite concerns about sell walls, the cryptocurrency surged to $103,679 and remains well-supported at the $100,000 level with significant buy orders. Despite an influx of BTC onto exchanges, overall trading activity remains high, with over $98 billion traded recently, indicating robust market engagement ahead of potential new all-time highs.

On a recent Wednesday, Bitcoin enthusiasts expressed concern due to a substantial amount of Bitcoin being transferred to exchanges, resulting in a formidable sell wall that could hinder its rise towards the desired six-figure price point. However, this uncertainty quickly dissipated as Bitcoin surged to $103,679 during U.S. trading hours, maintaining its position around $103,511, which reflects an approximate 8% increase from the previous day.

According to market analysts, the order books suggest significant support at the $100,000 threshold with over 4,600 BTC in buy orders. BRN analyst Valentin Fournier elaborated, “The order book reveals robust support at the $100K level, with over 4,600 BTC in buy orders. On the sell side, there are approximately 3,400 BTC in orders below the $110K level, suggesting a weaker resistance compared to the barrier that had to be overcome to break past $100K.”

IntotheBlock’s Marketing Director, Vincent Maliepaard, noted a remarkable net inflow of over 8,000 BTC, valued at approximately $860 million at current rates, onto exchanges just yesterday. However, the potential profit-taking behavior among investors remains uncertain, as Maliepaard remarked that precise data regarding net flow would be available only the following day.

In summation, traders have engaged in high volumes, with approximately $87 billion in Bitcoin exchanged on Wednesday and over $98 billion already transacted on Thursday. This trend follows a notable spike from November 13, the year’s peak trading day, where over $152 billion worth of Bitcoin was traded as it surpassed $93,000 for the first time, igniting predictions that Bitcoin could reach $100,000 by year-end.

Bitcoin, a leading cryptocurrency, has recently been making headlines as it approaches significant price milestones. Analysts monitor the order books closely to determine potential support and resistance levels that can indicate short-term price movements. The cryptocurrency market is notably volatile and influenced by various factors, including trading volume and the movement of Bitcoin onto exchanges, which can signify investor sentiment regarding potential profit-taking or buy support. Understanding these dynamics is crucial for traders and investors as they navigate the market.

In conclusion, Bitcoin is currently exhibiting strong support at the $100,000 mark, aided by substantial buy orders, as highlighted by analysts. The trading volumes indicate heightened activity, and with over 8,000 BTC recently flowing onto exchanges, investor sentiment could fluctuate between support and potential profit-taking. This ongoing momentum may position Bitcoin favorably as it seeks to establish new all-time highs in the coming days.

Original Source: decrypt.co

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